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"We estimate the interrelationships among economic institutions, political institutions, openness, and income levels, using identification through heteroskedasticity (IH). We split our cross-national dataset into two sub-samples: (i) colonies versus non-colonies; and (ii) continents aligned on an East-West versus those aligned on a North-South axis. We exploit the difference in the structural variances in these two sub-samples to gain identification. We find that democracy and the rule of law are both good for economic performance, but the latter has a much stronger impact on incomes. Openness (trade/GDP) has a negative impact on income levels and democracy, but a positive effect on rule of law. Higher income produces greater openness and better institutions, but these effects are not very strong. Rule of law and democracy tend to be mutually reinforcing"--National Bureau of Economic Research web site.
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Subjects
Democracy, Income distribution, Rule of lawShowing 2 featured editions. View all 2 editions?
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Rule of law, democracy, openness, and income: estimating the interrelationships
2004, National Bureau of Economic Research
in English
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Rule of law, democracy, openness, and income: estimating the interrelationships
2004, National Bureau of Economic Research
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in English
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Book Details
Edition Notes
Includes bibliographical references.
Title from PDF file as viewed on 1/12/2005.
Also available in print.
System requirements: Adobe Acrobat Reader.
Mode of access: World Wide Web.
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